Its a welcome change. A trend that is reinvigorating cities, towns and neighborhoods. Small-business, small restaurants and likewise are reinventing themselves, sometimes in collaboration with bigger companies and sometimes doing it alone, but bringing in a change that is both innovative and exciting. If you do it thoughtfully it could be the best business decision you ever made. Here is a step by step guide to the re-inventing process and business growth.

Is it the Right Time Make a Change?

The most important step is to decide whether it’s the right time for a change. You’ve run your business for more than half a decade and then you’ve hit a plateau. You don’t find the work challenging any more and feel a strong desire to try something different. There are several factors that can motivate a small business towards re-invention. One of them maybe that you are getting no time to spend with your family. Or the market trends may have changed. Your old product is no longer in vogue. Your customers may have shifted loyalties to some place newer, better. All these are good reasons to go for a change. But be practical at all times . Consider the risk that change involves. Take stock of your financial situation before you take the step.

Make sure you decide what you want

If change is what you have decided on, then think hard about what kind of change you are looking for. Is it a small tweak or huge overhaul, the decision is yours as to what’s best for your brand and your business growth management. Consider what your core competencies are and stick with what you know to best. Focus on just one idea. Think backward to arrive at the decision. Do you want to reduce the office hours and have more private time? Are you tired of selling the same old product and want to do something more interesting ? Once you have clarity on your goal, it will automatically guide you.

Make a Business Plan and Follow it

Nothing works out well without a business plan. You are a business owner so you should know better. You need to start from scratch, as it were and think in detail about the finances, the target audience, the competition and how to beat them Your plan needs to stand up to scrutiny on all counts.

Switchover Sensibly

You cannot abandon your former business abruptly. You need to phase it out slowly and ramp up the new business. You may have to run two businesses simultaneously for some time. Prepare a detailed exit strategy. Give yourself, your employees, your vendors, your customers and above all your family , intimation of the coming changes, what will happen and what it will mean for them. Be transparent through the entire transition.

Entrepreneurial Learning

It can be an overwhelming process and rough, but reinventing your business, if you decide its the right thing for you, can be exciting and a challenge. Have a business growth management plan. Don’t make mistakes, work out the upside and downside risks and keep everyone in the know how. Your brilliant idea for the changeover may be the best thing that happened to you.

Leave a Comment

Your email address will not be published.

You may also like

Growing a Business

Want Great Guidance ? Find yourself a Super Mentor

post-image

They are the gods of small businesses, those inspired individuals who have achieved the highest levels of success. They can be the shining beacons who light up the path of running your business with their vision, wisdom and wealth of resources and contacts. They are The Mentors.

If you are fired with the passion to take your business to great heights, the best thing to do is find yourself a super mentor. Here are some tips to help in your quest

Pinpoint your Need

Sit down and focus your thoughts on your business growth strategy. Which area of the business needs a lift. Is is staffing, is it the finances, is it the production, is it the your lack of customers or is it the business as a whole that needs a makeover. Once you’ve zoomed in on the sore spot, this is where you need…

Read More
Growing a Business

Dreaming Big? You can Move Mountains with these Business Productivty Tips

post-image

You may be full of admiration for some people who seem to manage themselves and their work so usefully and efficiently. They seem to fit in so much productive work into the same number of hours which everyone has.. Let’s look what makes them tick and take a few tips.

Learn to identify your most productive hours

Its true, most productive people know which time of the day they can be most creative and efficient. They identify and allot these hours for the best part of their work. This way they are able to give their 100% awareness to the job and business productivity.

Early to rise- A winning habit

Waking up early is a personal habit that has all the plusses on its side. You need not necessarily go to work that early. It’s a habit that gives you more time for personal care, like mediation, exercise, walking,…

Read More
Growing a Business

Leadership Qualities that can make you an Icon

post-image

You may have reached the leadership position through sheer dedication to performance and a do or die attitude . Now that you are at the top, your viewpoint needs to change. You have to now be a role model, one whom others will look up to and follow. Here are some tips that can shape your leadership and management skills

Be Competent: Employees will look up to a leader who has good industry knowledge and management skills. If you do not possess these skills you should surround yourself with knowledgeable people who can offer good counsel. Competence is a trait all employees will admire.

Be Trustworthy: No one will look up to a person they cannot trust. Your employees will want to rely on you and count on you. In difficult situations, leaders are expected to apprise their employees of the situations and find solutions on how to address…

Read More
Raising Money

Are You offering Your Services Using the Right Pricing Strategies?

post-image

In these times of fierce competition, business people , mostly those that offer services and belong to the service based industry, are finding it a challenge to implement the right pricing strategies. It is virtually a struggle to set the right business price that will retain and attract the customers, and not drive them away. Follow these tips, the crucial dos and don’t s and you may be in a much better position to offer your services at the best price.

Maintain your Business identity and Dignity

If you are offering a unique or special product or service, don’t underrate it just because you want to build a better relationship with the customer. This will just cheapen your offering as another run of the mill. If its something special you are offering the customer, then communicate this fact to the client and get the equation right with the most…

Read More
Raising Money

What is a Fair Wage? How Do you Assess Fair Wage?

post-image

How do you figure out a fair wage?

This is a very common question for startups and small businesses. They can’t seem to decide or understand how to set wages and manage reputations at a time. They are determined to pay well but they also have to think about encouraging their employees to stay with them for a long time. This is why there is a need to think strategically.

Listed below are a few expert tips to help you decide:

Don’t Focus Only on Money

Money should never be the main focus for you or for your employees. You should decide on the wages in such a way that your employees are tied to your business. When your business does well they should be able to taste that success and vice versa.

Also, think about additional perks such as exclusive benefits and time off. Many employees value this more than the overall…

Read More
Raising Money

Tips to Winning Hard Negotiations With Ease

post-image

While some negotiations are easy, others are quite hard to win. If you stumble you will lose.

Whether it is a potential client or an investor, negotiations can be very tough and frustrating. The problem is that the moment you let your frustration overwhelm you, you will lose the deal and you will give in to whatever is being offered to you. In order to avoid that, here are tips to overcome tough times and to win even the hard negotiations:

Research!

Know your opponent as well as possible. This is the rule no matter what you do. You should understand your opponent to the T. Who the person is, what his culture is, what he thinks, what he stands for, how is his network, etc. are the questions you should ask yourself and answer through research before meeting up for the negotiation. Understanding the opponent will give you a great advantage.

Walking…

Read More